The Article 140 Committee announces the start of distributing the amounts of deportees tomorrow, after reaching 8 billion dinars
the video for this blog post is below here:
The Article 140 Committee in Kirkuk Governorate announced, on Tuesday, the start of distributing sums of money to the deportees after the arrival of bonds worth more than 8 billion dinars from the public center.
The head of the committee, Babiker Siddiq Ahmed, told Shafaq News Agency, “A new batch of deportees’ checks arrived at the office of the Article 140 Committee in Kirkuk, where the number of this batch reached 845 deportees, and the total amounts of the checks amounted to 8 billion and 450 million Iraqi dinars.”
He added, "The committee announced the names of those included in this meal, and the owner of the instrument must attend in person with the official documents. If the owner of the instrument is deceased, his heirs must attend with the legal division and the rest of the official documents for the purpose of receiving the instrument and disbursing it."
Article 140 stipulates the abolition of the demographic change policies pursued by Saddam Hussein’s regime in the disputed areas in favor of the Arabs at the expense of the Kurds, and then counting the population before the final step, which is holding a referendum in which the population determines whether they wish to join the Kurdistan Region or remain under control. Baghdad administration.
The implementation phases of the article were scheduled to be completed by the end of 2007, but security and political problems prevented this.
In 2019, the Federal Supreme Court ruled that Article 140 of the Constitution of the Republic of Iraq remains in force, stressing that this continues until its requirements are implemented and the goal of its legislation is achieved.
Al-Rasheed announces the start of the direct issuance of shopping cards to citizens
Al-Rasheed Bank announced, today, Tuesday, the allocation of two branches to issue electronic cards to citizens.
The bank stated in a statement received by Mawazine News, that “those wishing to obtain the card can visit its two branches (Ragha Khatoun and Al-Salhiya Branch) and bring with them personal documents.”
He pointed out that "these cards are used for shopping, filling fuel, and electronic shopping."
Parliamentary Finance: The private sector is the only path to economic stability
The Parliamentary Finance Committee announced, on Tuesday, its intention to host the Governor of the Central Bank, Ali Al-Alaq, to discuss three main files, while indicating that the private sector is the only path to economic stability.
The head of the committee, Atwan Al-Atwani, said in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the Prime Minister directed support for private banks,” noting that “the committee intends to host the Governor of the Central Bank regarding this directive, in addition to the issue of the dollar exchange rate and discussing what Adopted by the Finance Committee of the Sustainable Development Project.
He explained, "The committee adopted enhancing non-oil revenues, as there is an urgent need for development projects and increasing revenues, given that the price and quantity of oil are fixed, so there is no expansion in spending," noting that "this experience will be discussed with the Governor of the Central Bank."
He expressed his "support for the Prime Minister's directives regarding supporting private banks and involving them in the Iraqi economy," noting that "the private sector is the only way to raise sustainable development and economic stability, and this comes through the automation system, digital transformation, and a set of other measures."
Close to Sudanese: We will witness a clear and rapid decline of the dollar in the coming days
A member of the delegation accompanying the Prime Minister, Ayed Al-Hilali, suggested that things will move towards complete control of the dollar exchange rate and a clear and rapid decline in the coming days.
Al-Hilali said in a televised statement, “The visit of Prime Minister Muhammad Shiaa al-Sudani to Washington carries within it a lot of good news for the Iraqi people, as it was able to achieve many gains.”
He pointed out, “The agreements that were signed with major international American companies concern the Iraqi people, one of which is energy and various fields,” adding, “There are American companies that have signed agreements to manufacture sprayers and cars that fall within the needs of the Iraqi state, in addition to handing over a number of Iraqi antiquities today to The Iraqi side.
Al-Hilali added, "Iraq has made great strides through the Sudanese government in the field of financial reform, and we need a measure that can organize governmental and private financial institutions in a way that makes them sound and stable to deal with their counterparts in the world."
He stressed, "What the government has done in terms of opening corruption files and operations to control the dollar are all taken into consideration by the United States of America, which will stand and help Iraq in the next stage," and pointed out, "Things are going in the direction of complete control of the dollar exchange rate, and we may witness a decline." "Clearly and quickly in the coming days."
Al-Hilali concluded his speech by saying that the US Treasury praised the Iraqi government’s steps in developing the banking sector, but no decision has been issued yet regarding lifting sanctions on private Iraqi banks.
Al-Sudani participates in a luncheon with members of the US House of Representatives at his residence
Towards a constructive partnership and lasting friendship
Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani participated with a number of members of the US House of Representatives from the Republican and Democratic parties, a working luncheon at his residence in Washington. During the meeting, he spoke about the goals of his visit and Baghdad’s desire to move the relationship between Iraq and America to the level of comprehensive bilateral relations.
Al-Sudani’s office said in a statement:
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received, at his residence in the American capital, Washington, this Tuesday evening (Baghdad time), and over a working lunch, a number of members of the US House of Representatives from both parties. Republican and Democratic, in the presence of a number of members of the Iraqi Council of Representatives within the delegation accompanying His Excellency on his official visit.
His Excellency spoke about the objectives of the visit, stressing the importance of moving the relationship between Iraq and the United States to the level of comprehensive bilateral relations in various fields of exchange and development, indicating that the reasons on which the international coalition was built to fight ISIS ten years ago no longer exist, and that the capabilities of the Iraqi security forces have developed to a great extent. To defeat the terrorist threat of ISIS.
Mr. Al-Sudani explained that Iraq is committed to the outcomes of the ongoing dialogue within the Supreme Military Committee between the two countries, while continuing to partner with the international community to confront terrorism, stressing that the Iraqi people are among the peoples in the world that have most courageously faced the evils of terrorism and its gangs.
His Excellency pointed out the form of the sustainable relationship that Iraq seeks with the United States, that it depends on the extent of rapprochement and common understanding between the Iraqi and American peoples, beyond the boundaries of governments and administrations, and in light of the unique position Iraq has in the region through diversity in components and sects, and the constitutional system. Democratic democracy that includes the peaceful transfer of power, in a way that strengthens the country’s unity and respect for all freedoms.
Mr. Al-Sudani stated that one of the strength factors for Iraq, today, is the connection to historical and social relations and commonalities with neighboring countries, including Iran, and at the same time, the possession of an important strategic relationship with the United States, in addition to the possession of resources and an important location that enables the establishment of a vital economic position for Iraq. For the interests of the peoples of the region, development opportunities and strategic projects that enhance security, stability and prosperity.
For their part, members of the US House of Representatives welcomed His Excellency's visit, affirming their aspiration to build a constructive and sustainable partnership that strengthens friendship between the Iraqi and American peoples, renewing their support for everything that consolidates development in Iraq, regional stability, and peace efforts.
APR 17 2024
Baghdad and Washington end a round of talks on energy and the economy
The Supreme Coordination Committee between Iraq and the United States stressed, yesterday, Tuesday, the importance of the bilateral partnership and Iraq’s vital role in the security and prosperity of the region, stressing the need to commit to continuing financial reform efforts to encourage foreign investment in Iraq.
A statement from the Prime Minister’s Media Office stated, “The Iraqi delegation, led by Deputy Prime Minister and Minister of Planning Muhammad Tamim, and the United States government delegation, led by Secretary of State Anthony J. Blinken, chaired the meeting of the Supreme Coordination Committee (HCC), in accordance with the strategic framework agreement between the two countries for the year 2008".
According to the statement, the two sides engaged in a round of discussions that included Iraq exploiting and investing in its gas resources to achieve self-sufficiency by 2030 by benefiting from American expertise, by signing memorandums of understanding to process gas and convert it into usable electricity. The two sides also stressed the importance of resuming oil exports via the Iraqi-Turkish pipeline.
The statement added, "The United States praised Iraq's efforts to increase regional communication with regard to electrical interconnection with Jordan, the Kingdom of Saudi Arabia, and the Gulf Cooperation Council countries," noting that "the two sides discussed Iraq's interest in using peaceful nuclear energy and emerging nuclear technologies."
The statement touched on Iraq's progress in modernizing its financial and banking sector, and expanding correspondent relationships with banks in the United States and Europe, and the two sides committed to continuing financial reform efforts to encourage foreign investment and continue expanding international banking relations in Iraq.
In the context of private business development, the statement confirmed that “the United States International Development Finance Corporation will provide a loan worth $50 million to the Central Bank of Iraq to provide loans to small and medium enterprises, with a focus on businesses that did not have previous bank accounts and businesses led by women.” .
According to the statement, Iraq renewed its “commitment to efforts to join the World Trade Organization and protect intellectual property rights, through the International Visitor Leadership Program for Iraqis to develop expertise in these fields.”
Washington expressed “its concern about the effects of climate change on the Iraqi people, and pledged to continue its support for resolving the water crisis and improving public health,” praising “the work of the Supreme Water Committee to improve the management of water resources, with its intention to work closely to address climate change and end gas burning to reduce emissions.” methane, in cooperation with the United States Agency for International Development (USAID) to improve water and waste management services.”
The statement also conveyed the Iraqi delegation’s interest in cooperating with Washington to exchange experiences in health insurance programs, hospital management, and cancer research, and to promote justice for survivors and victims of the genocide, which was committed by ISIS in 2014, and the importance of stabilizing Sinjar, in light of the progress made by Baghdad in returning 8,000 Iraqis from Al-Hawl camp. Northeastern Syria.
With regard to higher education and culture, Washington expressed its “support for the scholarship program, with Baghdad intending to send 3,000 male and female students to study in the United States, out of 5,000, planned to send them, while continuing to facilitate the return of Iraqi cultural property, after the US State Department coordinated the transfer of an archaeological piece.” Sumerian with the Metropolitan Museum of Art in New York, with a commitment to bring back more in the future.”
Progress: The coordination framework supports the reinstatement of Al-Halbousi as Speaker of Parliament
The Taqaddum Party confirmed today, Wednesday, the existence of the possibility of its leader, Muhammad al-Halbousi, returning to the presidency of the House of Representatives, while revealing that this idea had been proposed by parties within the coordination framework.
Party leader Muhammad Al-Alawi said, “Until now there is no development regarding the election of a new speaker of the House of Representatives, nor do we believe that there is an alternative to Al-Halbousi yet, and Al-Halbousi’s return to his position is possible and there is a legal and political possibility to achieve this matter.”
Al-Alawi added, “The idea of Al-Halbousi returning to the presidency of the House of Representatives was proposed by some parties to the coordination framework, and the return will be through legal and judicial frameworks.”
He continued: "If Al-Halbousi does not return, we do not believe there will be an alternative to him, and we expect the position of Speaker of Parliament to remain vacant until the next parliamentary elections. Everyone realizes the difficulty of electing any replacement for him during the coming period."
Parliamentary Finance calls for “confining the dinar in the hands of the state”
The Parliamentary Finance Committee pointed out, on Wednesday, the problem of the lack of cash “Iraqi dinar,” calling for “confining the dinar to the state.”
Committee member Hussein Moanis told Shafaq News Agency, “The House of Representatives voted on the tripartite budget law and required the government to send the schedules for approval,” indicating that “the delay in sending the schedules to Parliament did not affect the operational budget.”
He pointed out that "there is no specific date for approving the budget schedules in the Council of Ministers and sending them to the House of Representatives," indicating "a real problem with the lack of cash (the Iraqi dinar)."
He pointed out that "the Parliamentary Finance Committee is working to develop specific methods to process and provide cash and confine it to the state through adopting the electronic card, strengthening the work of banks, and presenting documents to achieve cash abundance in the market."
Mu'nis concluded by saying, "There is no trust between the banking system and the citizen, and the lack of trust has caused the cash currency (the Iraqi dinar) to be stored in the homes of citizens, which has caused it to be lost and not naturally available in the market."
A member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said on March 27, 2024, that the Iraqi government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget.
While a member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, said in an interview with Shafaq News Agency on February 27, 2024, that Finance Minister Taif Sami informed the members of the committee during her hosting, yesterday, Monday, of the imminent sending of the budget law schedules to the House of Representatives.
The Iraqi Private Banks Association praises Al-Sudani's visit to Washington
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, stressed on Wednesday the importance of the visit currently being conducted by Prime Minister Muhammad Shia Al-Sudani to Washington with regard to financial and banking discussions.
Al-Nusairi said in a televised interview followed by Al-Eqtisad News, “Prime Minister Muhammad Shiaa Al-Sudani and his accompanying delegation held an important meeting in Washington with the Undersecretary of the US Treasury to discuss areas of cooperation in the financial and banking aspects.”
He added, "The meeting came out with an official statement that made it clear that there are measures that will be taken in light of what took place in these negotiations," noting that "there is great government interest in achieving the financial and economic reform process, and there is American praise for this reform process."
Al-Nusairi pointed out that "the Iraqi banking sector hopes that this visit will achieve its goals with regard to the rehabilitation process that the Central Bank of Iraq began in 2023 by complying with international standards."
He continued, "Next month, three Iraqi banks will be added to those that opened an account in the United Arab Emirates, in addition to those that have correspondent banks in some countries of the world and practice financing foreign trade operations in the dollar and other foreign currencies."
Saleh: Private banks in Iraq are considering reorganizing themselves with another government structure
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed that private banks in Iraq are considering reorganizing themselves in line with the government’s plans to reform the banking and economic sector.
Saleh told {Al-Furat News} agency, "One of the international companies that is currently evaluating the government banking system has been approved and will present a new vision for restructuring government banks and in accordance with modern banking principles in terms of competition, tools and activities that serve economic development in our country with high efficiency."
He added, "There is a coordinated program that private banks are currently considering to reorganize themselves in a way that makes them a financial and economic force that contributes to advancing the national economy."
Saleh stated, “The government supports the restructuring of private banks (traditional and Islamic), protecting and defending them as national capital.”
He noted that "banks' wealth should be directed to economic development and in accordance with sound and positive policies that serve general economic activity and flow into the course of the state's reform vision, and at the same time embody the spirit of partnership between the state and the private sector as a solid approach to shaping and building stability and progress of economic life in Iraq."
US Supports Iraq in joining WTO
At a meeting on Monday between Iraq's Minister of Planning, Mohammed Tameem, and US Secretary of State Antony J. Blinken, Iraq renewed its commitment to joining the World Trade Organization (WTO) and to protect intellectual property rights.
The United States has pledged support for a series of projects under the International Visitor Leadership Program aimed at developing expertise in these areas among Iraqis.
Both parties have recognized the importance of strategic projects and infrastructure development in Iraq, which will support regional integration and enhance international trade.
Al-Sudani receives in Washington the Chairman of JPMorgan
link no Jaime Dimon
On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the necessity of carrying out reforms in the banking sector in order to achieve development in the country, while pointing out that the government is implementing projects that will achieve sustainable development.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani received, at his residence in the American capital, Washington, the President of JPMorgan Bank, Mr. Masha Klovoksy, and his accompanying delegation, and during the meeting, the government’s efforts in implementing financial and banking reforms were discussed.” In light of the path it is taking towards improving the economic situation and achieving development, in addition to discussing the government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging private banks to open accounts with foreign banks to be correspondent banks, according to A plan aims to dispense with the electronic platform at the end of this year.”
Al-Sudani stressed, according to the statement, that “it is possible to work in any development sector without reform steps for the banking sector, and the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.”
For his part, Klovsky praised "the efforts of the Iraqi government to activate, develop and rehabilitate government and private banks, and its procedures in the field of providing assistance to private Iraqi banks," stressing "its support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership."
Al-Sudani stresses the necessity of continuing the dialogue with the US Treasury, the Federal Reserve, and the International Monetary Fund
Today, Wednesday (April 17, 2024), Prime Minister Muhammad Shiaa Al-Sudani stressed the necessity of continuing the dialogue with the US Treasury, the Federal Reserve, and the International Monetary Fund, during his meeting in Washington with the President of JPMorgan, Masha Clovoxy.
The Prime Minister's Media Office said in a statement, received by "Baghdad Today", that "Al-Sudani received, at his residence in the American capital, Washington, Clofoxy and his accompanying delegation, and during the meeting, the government's efforts to implement financial and banking reforms were discussed, in light of the path that... Its approach towards improving the economic situation and achieving development, in addition to discussing the government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging private banks to open accounts with foreign banks to be correspondent banks, according to a plan aimed at dispensing On the electronic platform at the end of this year.
Al-Sudani stressed, according to the statement, that “it is not possible to work in any development sector without reform steps for the banking sector, and the necessity of continuing dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.”
According to the statement, Klovsky praised "the efforts of the Iraqi government to activate, develop and rehabilitate government and private banks, and its procedures in the field of providing assistance to private Iraqi banks, stressing his support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership."
Al-Sudani discusses with JP Morgan the implementation of financial and banking reforms
On Wednesday, Prime Minister Mohamed Shiaa Al-Sudani discussed with the President of JP Morgan Bank, Masha Clovoxy, the government’s efforts to implement financial and banking reforms, and to encourage private banks to open accounts with foreign banks, to be correspondent banks, and thus Iraq will dispense with the electronic platform at the end of this year. .
The Sudanese media office stated in a statement:
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received, at his residence in the American capital, Washington, this evening, Wednesday (Baghdad time), the President of JP Morgan Bank, Mr. Masha Klovksi, and his accompanying delegation.
During the meeting, the government’s efforts in implementing financial and banking reforms were discussed, in light of the path it is pursuing towards improving the economic reality and achieving development, in addition to discussing the government’s measures in developing the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging... Private banks to open accounts with foreign banks; To be correspondent banks, according to a plan aimed at dispensing with the electronic platform at the end of this year.
Mr. Al-Sudani stressed that it is not possible to work in any development sector without reform steps for the banking sector, and the necessity of continuing the dialogue with; The US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.
For his part, Mr. Klovsky praised the efforts of the Iraqi government in activating, developing and rehabilitating government and private banks, and its procedures in the field of providing assistance to private Iraqi banks, stressing his support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership.
APR 18 24
you have to go to the link because it's not a youtube video
Deputy: We reject the term sanctions, and Iraq is financially independent
Representative Firas Al-Muslimaoui spoke today, Wednesday, about the existence of banking reforms in the economic sector coinciding with the Prime Minister’s visit, noting that the term “sanctions” is used for occupied countries, and this is what we condemn.
Al-Muslimaoui said in a statement to the Maalouma Agency, “The Prime Minister’s visit to America will prevent them from launching the term sanctions on Iraqi banks in the future,” noting that “Iraq is taking reform steps in the economic banking aspect, and this is what all countries of the world praise.”
He continued, "The American administration must reconsider the term sanctions because Iraq has financial and political independence and they have no right to interfere in internal banking affairs."
It is noteworthy that America imposed sanctions on 34 Iraqi banks under various pretexts, and that Al-Sudani’s visit to Washington discussed this file, while observers of economic affairs believe that the sanctions reduce the citizen’s confidence in banking and move towards moving away from it.
Abdullahian reveals details of the correspondence between Tehran and Washington before and after
the attack on Israel
Iranian Foreign Minister Hossein Amir Abdollahian revealed details of the correspondence between Tehran and Washington before and after the Iranian attack on Israel.
Abdullahian said: “We have informed America since the decision was taken in the Islamic Republic of Iran that the necessary response must be made to the Israeli entity within the framework of international law and legitimate defense, and the necessary warning and punishment must be issued.”
He added: “We told the Americans frankly and clearly that the decision in the Islamic Republic of Iran, in the Supreme National Security Council headed by the country’s president, to respond to the Israeli entity is a settled matter, and messages were exchanged before the operation as well, and after the implementation of the operation, that is, at approximately 2:30 am on Sunday.” (11:00 pm Saturday GMT), we sent another message to the United States through diplomatic channels, as we sought to say frankly and clearly to the United States in these messages that we do not seek to escalate tension in the region, and what could further escalate tension is the behavior of the Zionist entity. ".
He continued: “Before Operation (The True Promise), we clearly told the American side that we would not target American bases and interests in the region, unless, when we responded to the Zionist entity, it wanted to take action in military support for it. Messages are exchanged, especially through the Swiss channel, as it is the sponsor of American interests. And official diplomatic channels, with the aim of creating a correct understanding of Iranian action and with the aim of preventing the expansion of the scope of tension and crisis in the region.”
The Iranian news agency "IRNA" indicated that Abdullahian headed to New York to attend the UN Security Council meeting that will be held on Thursday to discuss developments in the Middle East and focus on the Palestinian issue. Abdullahian confirmed that this meeting will be held at the level of foreign ministers, to consider the developments taking place in the region. And the fact that the situation in Gaza has already reached the boiling point.
Last Saturday, Iran launched a large-scale direct attack on Israel, using dozens of drones and ballistic missiles, in response to Israel targeting the Iranian consulate in the Syrian capital, Damascus, at the beginning of this month.
The Prime Minister discusses with Senator Lindsey Graham the government's vision for the future of relations with the United States
Prime Minister Muhammad Shiaa Al-Sudani met, at his residence in the American capital, Washington, yesterday, Wednesday (Baghdad time), a member of the US Senate, Senator Lindsey Graham, and his accompanying delegation.
According to a statement by the Prime Minister’s Media Office, the meeting witnessed discussion of the government’s vision for the future of relations with the United States of America, and the path to achieving a transition to a bilateral relationship characterized by cooperation and partnership in various fields.
The meeting also witnessed “a review of the situation in the Middle East region, the war in the Gaza Strip, Emphasizing the need to stop military escalation and contain the conflict.
Senator Graham affirmed his appreciation for Iraq's steps and the path of cooperation, partnership, and strategic bilateral relations with the United States of America.
Iraq staying together as one nation in US interest: Senator
link there is a video but you have to go to the site it's not on youtube
Republican Senator Lindsey Graham on Wednesday told Rudaw that it was in the United States’ interest for Iraq to stay together as one nation, stressing that it is possible for all of Iraq’s components to coexist.
Mohammed Shia’ al-Sudani arrived in Washington on Saturday, marking his first visit to the US as the prime minister of Iraq. The Iraqi premier on Wednesday presided over the signing of 19 memoranda of understanding (MoUs) in various sectors between American companies and the Iraqi government and private sector.
“I think it’s in America’s interest to make sure Iraq stays together as one nation to move forward economically,” Graham told Rudaw’s Diyar Kurda on Wednesday, emphasizing his interest in an economic alliance that would serve both countries.
“How to share the wealth of Iraq is an ongoing conversation… It’s been complicated for many years and it will still be complicated,” the senator added, stating that he believes it is possible for Iraq’s different components to live together.
Sudani met with US President Joe Biden in the Oval office on Monday, with the two reaffirming their commitment to comprehensive bilateral cooperation in line with the Strategic Framework Agreement, including political, economic, and security cooperation.
The Strategic Framework Agreement came into effect in 2009 and seeks to normalize Baghdad-Washington relations through long-term bilateral economic, diplomatic, cultural, and security cooperation.
Attempts to reduce dollarization
link citizen education
We often witness a state of monetary instability in the economies of developing countries that suffer from structural imbalances, or countries that are going through stages of adaptation as they move from the state economic system to the market economy in light of economic globalization, which contributes to the emergence of informal currency exchange markets. Foreign exchange, and the US dollar is usually the most traded in those markets as a suitable haven for price value from exchange rate fluctuations.
Because of the dominance of the dollar in all global commodity and service market exchanges, the demand for it increases with the aim of financing foreign trade in countries that suffer from the inability to meet the needs of the local market for basic goods. Monetary and financial disruptions usually contribute to the adoption of the dollar alongside the local currency, and then it replaces it. Little by little, it will take up more space in exchanges and trades unless the matter is remedied and the imbalances are addressed. Otherwise, the country’s currency will lose its usefulness as a means of exchange, so it becomes dollarization that contributes to perpetuating inflation, economic instability, and the difficulty of addressing imbalances as a phenomenon supported by the data of globalization.
Here, the relevant authorities, while they are in the process of searching for solutions that will restore life to the local currency and maintain its protection, may be concerned with searching for procedural tools to curb dollarization as a phenomenon that threatens economic sovereignty, because it appears to be a natural result of the circumstances and data of the state of transformation in the form of the economic system, as it usually The adaptation stage occurs when moving from a state economy to a market economy, but here we are looking for solutions according to the available ideas. In economic custom, the demand for the local currency increases if it is adopted in trade exchanges with other countries, and thus the level of demand for foreign currencies in the local market decreases.
To finance foreign trade, this matter seems difficult at first glance, but according to what was announced by some BRICS countries, it seems possible, and the rate of demand for the local currency also increases if the contribution of the local product increases in satisfying the market’s need for goods and in a way that ensures a decrease in the rate of demand for the dollar as a result of the decline. The rate of flow of hard currency abroad, and it also occurs in cases of relying on the local currency to deliver remittances coming from abroad, and it may occur when the demand for locally produced goods for export purposes increases, especially when the cost of the unit produced locally decreases compared to those produced in other countries, as increasing rates contribute Export increases financial transactions locally through the inflow of foreign currencies, which are converted through banking channels into the equivalent of the local currency upon exchange, which contributes to supporting the attractiveness of the local currency and the stability of its value, thus increasing the demand for it.
Details of the memorandums of understanding signed by Iraq and America
Al-Masala publishes the memorandums of understanding that were signed yesterday evening, Wednesday (Baghdad time), in Washington with American companies, in a ceremony that took place under the auspices of the Prime Minister, Mr. Muhammad Shiaa Al-Sudani:
First/ Government memorandums of understanding:
1. A memorandum of understanding between the Ministry of Electricity and General Electric Company (GE) in the field of developing the energy sector.
2. A memorandum of understanding between the Ministry of Oil and Hanwell Company, to conclude a partnership in the field of developing strategic plans for oil fields and associated gas.
3. A memorandum of understanding between the Ministry of Oil and General Electric in the field of developing oil fields and associated gas.
4. A memorandum of understanding between the Iraq Fund for Development and the American company MACK for engines and equipment, in the field of manufacturing specialized vehicles.
Second: Memorandums of understanding signed by the Iraqi private sector with American companies:
1. Memorandum of understanding with Baxter International Company for cooperation in the field of dialysis supplies.
2. Memorandum of understanding with the American company KBR to develop oil fields. 3. Memorandum of understanding with KBR in the field of processing primary gas and converting it into liquid and associated gas.
4. A memorandum of understanding between the National Bank of Iraq (NBI) and the American International Financial Development Corporation.
5. Agreement with Trans Atlantic Petroleum Company in the field of developing and managing oil fields.
6. A memorandum of understanding with the American company Hanwell in the field of developing associated gas fields and stopping its burning.
7. A memorandum of understanding with the American company Hanwell for development, automation, and remote control and control services.
8. A memorandum of understanding with the American company Baker Hughes in the field of using smart solutions. To stop burning gas and develop and maintain oil fields.
9. Memorandum of understanding with Emerson Company in the field of technology and automation in oil fields.
10. Memorandum of understanding with GE in the field of supporting the oil industry.
11. Memorandum of understanding with Ark Energy Company in the field of manufacturing associated gas.
12. Memorandum of understanding with Emerson Company in the field of energy development and equipment provision.
13. Memorandum of understanding with GE in the field of providing equipment for treating associated gas in generating electrical power.
14. An agreement with Hanwell Company in the field of developing and maintaining oil fields and stopping gas burning.
Media Office of the Prime Minister
April 18, 2024
Sudanese reveals the volume of exchange with America
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani announced the introduction of a law to address the challenges of the private sector, and while he indicated that 80% of transfers are proceeding in accordance with international standards, according to the US Treasury Department, he confirmed that Iraq is moving for the first time towards establishing a fixed platform to receive liquefied gas.
A statement issued by the Prime Minister’s Media Office, received by Al-Eqtisad News, stated that “Al-Sudani met in Washington, on Wednesday evening (Baghdad time), a number of presidents and representatives of major American companies, in a session held by the American Chamber of Commerce.”
The statement added, "The meeting included a dialogue session with the attendees, where the Prime Minister explained a number of questions that were raised during the meeting, related to the investment environment in Iraq and the facilities provided by the government to the private sector."
During the meeting, the Prime Minister sponsored "the signing ceremony of a number of memorandums of understanding between the Ministries of Electricity and Oil and the Iraq Fund for Development, with American institutions and companies. Similar memorandums of understanding were also signed between the Iraqi private sector and American companies in the fields of energy and the pharmaceutical industry."
The Prime Minister pointed out, during his speech, “the openness of the investment environment in Iraq to attract reputable international companies, to participate in the economic renaissance and infrastructure projects that Iraq is witnessing, in addition to the package of financial, banking and administrative reforms that the government initiated and a high percentage of which was completed during the year.” And half a year old.”
Al-Sudani said during the signing ceremony of memorandums of understanding with major American companies: “The outcome of the discussions and understandings with the American side was the necessity of continuing to develop bilateral relations in various economic, social and security sectors.”
He added: "We agreed to strengthen the relationship, stimulate the private sector, and support the work of American companies in Iraq," stressing that "Iraq is witnessing remarkable stability despite the challenges in the region, and we are working to distance it from hotbeds of conflict and escalation."
He explained, "The government has made important strides in economic reforms and implementing major projects that contribute to solving problems. We have also presented to Parliament a law that addresses the challenges facing the private sector."
He pointed out, "According to the US Department of the Treasury, 80% of transfers are in accordance with international standards, and we are working to complete the remaining percentage," adding, "We have completed the unified treasury account and the integrated banking system, modernizing collections and customs reforms, and redirecting support in the right direction."
He stressed, "Our support for the private sector is an approach we are following, and for the first time we have granted sovereign guarantees to it to support projects," pointing out, "The Iraq Fund for Development aims to involve the private sector, and addresses bureaucracy and routine for entering companies."
He pointed out, "Conducting tax and administrative reforms related to registering company branches, to provide an attractive investment environment," explaining that "the volume of exchange between Iraq and the United States does not exceed 10 billion dollars."
He stressed, "Developing a comprehensive vision for the optimal investment of oil and gas, and the sixth round of licensing related to natural gas fields, is being presented for the first time," noting that "there is a plan to reach gas self-sufficiency and stop imports within 3-5 years."
He pointed out “introducing integrated projects in 6-8 fields throughout the governorates, according to a model for developing oil, using associated gas, and establishing an electrical station and a petrochemical industry in the same location,” explaining that “Iraq is moving towards establishing a fixed platform to receive liquefied gas for the first time, and this is an opportunity presented.” In front of American companies and other companies.”
He pointed out, "A contract was signed with KBR to prepare a preliminary study on the fixed platform, for the purpose of receiving and exporting gas in the future."
Minister of Planning to the World Bank: Our government’s directions to reduce external borrowing and schedule them
A statement from the ministry, a copy of which was received by {Al-Furat News}, stated that "during the meeting, which was attended by Kazem al-Hassani, advisor to the Prime Minister, and a number of concerned parties, mechanisms for scheduling Iraq's foreign loans were discussed, in cooperation with the World Bank."
Minister Tamim stressed, "The Iraqi government's directions are to reduce external borrowing, for urgent necessities, provided that these loans are directed to development aspects and financing important strategic projects."
For its part, the World Bank delegation expressed its readiness to provide possible support to the efforts of the Iraqi government in the field of loan scheduling, and to work jointly to enhance the development areas of loans.
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